Men more likely to have Life Insurance than women l NobleOak Whitepaper 2019
In recent research commissioned by NobleOak we discovered men are more likely to have Life Insurance than women.
This is a reversal of the trend identified in the past two years surveys where more women were prioitising their financial security.
Now, it’s more likely that men have Life Insurance than women. This year 57% of men compared to 54% of women said they had some form or Life Insurance including Life/Death cover, TPD cover, Trauma cover and/or Income Protection Insurance.
This shift in focus for women is concerning, as women make up more than 50% of the Australian population and 47% of the workforce, either full time or part time. In addition, they account for almost three quarters of all unpaid work.
When women do have cover, it is more likely to be Life/Death cover (68%), Income Protection (45%) or TPD cover (48%).
Unfortunately, accidents and illness happens and it does not discriminate between men and women. Women need the financial protection and security that Life Insurance provides as much as men in the event an illness or a serious accident were to occur.
The research discovered 59% of men and 61% of women would rely on their savings to cope financially if they could not work with 24% and 35% respectively relying on friends and family for help.
If necessary, 30% of men would cut entertainment expenses first if they lost some or all of their income or financial support compared to 36% of women who would cut holidays first.
When it comes to obtaining advice on Life Insurance, 35% of men would use the Internet before a financial adviser (23%), with 29% of women using the internet before a financial adviser (24%).
Men are more likely (75%) to believe there is enough information available online to help them understand the different types of Life Insurance they might need compared to 70% of women, and 75% of men believe their is enough information to understand how much cover they would need compared to 69% of women.
The research referred to was conducted independently by PureProfile in December 2018 from a survey completed by over 1,000 Australians.
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